2015-1203 Resolution No. 2015 -1203
A Resolution approving TIF Development Agreement Amendment No. 1 with
Capital Circle / Corp. for the construction of a 150,000 square foot manufacturing
and warehousing facility located within Janesville Tax Incremental Financing
District No. 32
WHEREAS, Sections 66.1105 and 66.1101 of Wisconsin Statutes authorize cities to
utilize tax increment financing to promote industry and implement economic
development projects; and
WHEREAS, the Janesville Common Council have authorized the use of Tax
Incremental Financing Districts (TIDS) for industrial site development and TIF
development agreements to facilitate the manufacturing, industrial, and overall
economic benefit of the City of Janesville (CoJ) when they adopted Council Policy
Statement No. 61 (Economic Development Policy) in 1994; and,
WHEREAS, the Common Council of the CoJ created Tax Incremental Financing District
No. 32 to stimulate industrial development projects in the CoJ's East Racine Street
corridor and the City's East Side Industrial Park; and
WHEREAS, Capital Circle I Corp. (Capital Circle) and the CoJ originally negotiated a
certain TIF Development Agreement which was approved by the City Council on March
23, 2015 for a 100,000 square foot building; and
WHEREAS Capital Circle has now desires to construct a 150,000 square foot building
on the previously identified parcel; and
WHEREAS, Capital Circle and the CoJ have negotiated a certain TIF Development
Agreement Amendment Number 1 which, in major part calls for the CoJ to provide
CAPITAL CIRCLE twelve and seven tenths of an acre of land for construction of the
facility, with a value of Two Hundred Eighty Thousand Six Hundred Nineteen and
00/100 Dollars ($280,619.00), a forgivable loan a lump sum in the aggregate amount of
Eight Hundred Forty Seven Thousand Two Hundred Six and 00/100 ($847,206) to be
used solely for the construction of a One - Hundred Fifty Thousand (150,000) square foot
industrial manufacturing and warehousing facility on property located at 4298 Capital
Circle, which area is zoned industrial and manufacturing; and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this
particular negotiated TIF Development Agreement with CAPITAL CIRCLE to be in the
best interest and of benefit to the CoJ, its citizens, residents, taxpayers, and the overall
community;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of
Janesville that the Administration's negotiated TIF Development Agreement with
CAPITAL CIRCLE, and the TIF development loan described above are hereby
Resolution No. 2015 —1203
Page 2
approved and authorized, according to the terms and conditions set forth in the specific
TIF Development Agreement, and
BE IT FURTHER RESOLVED, that the City Manager, on behalf of the City of Janesville,
and those he authorizes on his behalf is /are hereby authorized to negotiate, draft,
modify, amend, review, enter into, and file all such other documents, papers, and
agreements, take whatever other actions, and to make and enter into whatever other
changes and amendments to the TIF Development Agreement, and such other
documents and agreements, which the City Manager may, from time to time, deem
necessary and /or desirable to effectuate the intent of this Resolution.
ADOPTED: May 11, 2015 Motion by: Gruber
Second by: Liebert
APPROVED: Councilmember Aye Nay Pass Absent
4/AL I p . Bobzien X
1� Deupree X
Mark A Freitag, City Manager Farrell X
Gruber X
ATTE Liebert X
Marklein X
Tidwell X
David T. Godek, Deputy City Clerk- Treasurer
APPROVED AS TO FORM:
Wald Klimcz , City Attorney
Proposed by: Economic Development Department
Prepared by: Economic Development Department